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Get out of debt.If possible, pay off outstanding high-interest credit card debts, college loans, and auto loans. This can take some time, but starting a new venture with as clean a balance sheet as you can will make your life less stressful, particularly in the lean early days of your new venture.

Learn before you quit. Keep your current job while you add the education you need for your new pursuit. Many employers offer tax-free tuition assistance programs—up to $5,250, not counted as taxable income—and the contribution doesn’t have to be tagged toa full-degree program. You may have to repay the funds, though, if you don’t stay with the company for a certain number of years afterward.

Check-out lower tuition options. There are a host of certificate programs in specialized fields of study that you can cobble together one course at a time. A growing number of community colleges have 50-plus offerings aimed at adult students looking to retool their careers. Community college classes, too, are generally a fraction of the cost of a full-blown university degree and may be all you need to prime the pump.

Seek financial aid. You may qualify for a low-interest Stafford loan, currently a fixed rate of 6.8 percent. Many private lenders also offer loans, though rates will be higher.

Research scholarships and grants. These, too, are available for older students, and are offered by associations, colleges, religious groups, and foundations. The AARP Foundation, for instance, has a Women's Scholarship Program for 50+ low-income women. Go to sites such as FinAid.org to find what’s available.

Take advantage of educational tax breaks. Depending on your income, you might qualify for the lifetime learning credit, worth up to $2,000 each year. There’s no limit to the number of years you can claim the credit. If you make too much, the income ceiling is higher for claiming a deduction associated with tuition and fees, up to $4,000.

There’s also a maximum student loan interest deduction of $2,500. For details, see IRS.gov.If you think you might go back to school in a few years, consider opening a 529 plan.

Downsize your housing costs. Think about moving to a smaller home, townhouse or condo. Depending on your real estate market, refinancing your mortgage can lighten your debt load. Move to a cheaper cost of living area where there are job opportunities for workers your age. Figure out how much you can save over time with an online refinancing calculator. Check HSH.com or Bankrate.com for the latest rates and then shop around. You might even be able to write off moving expenses.

Set-up a self-employed retirement plan. If you’re starting a business, moving to a nonprofit or a small firm without an employee retirement plan, you should keep setting aside money as long as possible in tax-friendly accounts. Your three main options: a SEP-IRA, Solo 401(k), and a SIMPLE IRA. Read my column“Best Retirement Plans for the Self-Employed” for more details.

Shop for health insurance. This one's a bear if your next employer (maybe you) doesn't offer a health insurance plan. Check out professional or alumni associations you belong to for group policies. You can compare a variety of insurance options in your area at healthcare.gov. Individual policies can be expensive, particularly if you’re 55 or older.

Other online sources to compare health insurance plans that are available in your area include: eHealthInsurance.com, einsurance.com, GoHealthinsurance.com and Insure.com. The National Association of Health Underwriters website (www.nahu.org), can direct you to a local health insurance agent if you prefer to have someone else do your homework. Don’t drop your current employer's insurance (you can continue it for a time under a law known as COBRA) until you have a new policy in hand. For more on health insurance plans, read this column.

Check for mistakes on your credit report. Everyone it seems wants to know how creditworthy you are these days from prospective employers to lenders, landlords and insurers. It apparently says something about your character, so shipshape pays. Visit www.annualcreditreport.com to request a free credit report from the three major consumer credit reporting agencies–Experian, Equifax and TransUnion. Clean up anything that’s wrong or looks questionable. This can take a little time. (Continued on next page).